Urals | Industry, manufacturing | Finance, business

Uralsib to loan $1.6m to Kurgandormash

3 Jun '11

Kurgan road machinery plant Kurgandormash has opened a $1.6m revolving line of credit with Uralsib Bank, the company reports.

The funds are reportedly loaned for 18 months.

Under the agreement, if payment tranche is less than 90 days the interest rate is to be set at 8.5%, with 91-180 days tranches the interest rate is to total 9.5%, and with 181-365 days tranches the interest is to come in at 10.5%.